Israel’s foreign exchange reserves at the end of May 2023 amounted to $199.621 billion, a decrease of $2.274 billion from its level at the end of April 2023, the Bank of Israel reported.
Israel’s foreign exchange reserves at the end of May 2023 amounted to $199.621 billion, a decrease of $2.274 billion from its level at the end of April 2023, the Bank of Israel reported. The level of reserves relative to GDP was 38.4%.
The Bank of Israel said that the decline came as a result of a reassessment of reserves by $2.307 billion and government transfers from abroad totaling $16 million, offset by transfers to the private sector totaling $49 million.
In 2023, the Bank of Israel continued not to buy foreign currencies, as was the case last year, when it bought only $356 million in foreign currencies. But in 2021, the Bank of Israel bought $35 billion in foreign currency to help exporters, by easing the appreciation of the shekel.
Israel’s foreign exchange reserves reached a record high of $213 billion in December 2021.
Published by Globes, Israel business news – en.globes.co.il – on June 7, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.
Bank of Israel credit: Shutterstock Alon Adika
